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Some times back NC started a trading journal for himself. I found the practice useful to identify tech setups, performance and personalities of stocks with ASI. therefore, i am initiating this thread to discuss tech prospective of any share (better to mention whether its backed up by fundamentals)

I am not a guru but a curios soul trying to find out waves and rhythm of the market. no one should take any particular set up of trend as a buy/ sell recommendations. be kind enough to do your own studies before execute any order.

Path, Agree on that higher low. still the leg has not fully formed. together with rest of indicators i made a bold judgment.

as YY said, i do hope 150 would hold (for everyone's sake) if bounced at 150 then immediate resistance will be at 160-165. in that sense YY correct as per the prevailing market condition much cannot be expected.

since i have used 1 week chart here and major 5 waves were finished there should be a correction. it can either be flat, zig zag or upward. if downtrend to presume ASI should break 6000 mark again (which is not a good sign).

Referring to xm's picture, I feel, if this is going to be an uptrend in medium scale, the rise should be much steeper than the drawn line. I would say, if this is going to be an uptrend we should witness ASI near 6800 within this month.

Otherwise, market will range at least for another 3 more months.

A slower rise will never make it above 6800.

As said somewhere else;

To pull out a deep shit stuck elephant, we need an equal or a bigger jumbo.

ASI is hovering around 6400-6420. breaking above 6440 with a volume support may fuel next big move up. but upward momentum is getting reduced it seems. ASI may consolidate just below 6400 and break above or retreat to 6300 max and will test the resistance at 6440-6450.

the good news is ASI breaks the short term resistance trendline and ranging between 6380-6420. looking at the volume this is a healthy consolidation to the next level. the next resistance level would be near term high 6680-6700. which is 50% fib of the great fall. therefore, this resistance would be hard to break.

anyway, if ASI to stay in positive territory it should break the rectangle and move up. there are few options at that stage

option 1: follow by the rectangular consolidation (which is a reliable continuation pattern) ASI should go up. 6500 would be a challenge but there should not be much resistance. (ref date by 20/8/2016)

option 2: if PM gave a shock with his policy decisions market will react negatively and break the rectangle down, but panic selling would find buyers around 6350-6380 and start the journey to test 6680 level. (ref date by 27/8/2016)

option 3: PM gave a big shot with unexpected capital gain, unfavorable economic policy, another world turmoil would bring ASI to 6250. which is unlikely but cannot rued out.

Guys I was looking at a few chart patterns lately and was keen on ACME chart formation.

It looks like the weekly chart has broken a resistance of 7.70 with this week's trading with some considerable volume. It looks like an ascending triangle pattern. Just wanted to let you guys know. I am not good with charts so better to confirm yourselves..

I cannot seem to put a picture up here but when I can I will, may be later tonight.

still the pattern is too early to be ascending triangle. this could take many forms. the good news is ACME had come out from MT resistance trend. making that "W" with a higher low after a downtrend is a good reversal point.

there is a big resistance at 8.80-9.00 range. breaking above 8 will trigger the target of 8.80-9.00 range. furthermore, each stock has its unique way. if you carefully look at weekly candlestick chart you may see dojis at start and end point of each rally.

CCI gave a buy signal at 7.60-7.80 level (22.08.2016) after 28.04.2014. which cannot be ignored very easily (for me)

on financial note:this is still a loss making company. they went through a restructuring process, change management and reduced loss very well. if they produce a positive earning this will appreciate more. if they fail to return 'from loss making territory, then this technical rally might not sustained and may return to 6.5 level.

good luck.

P:S- i have collected this share from 6 to 6.60 averaging 6.20. my view might be bias but tried to give a balance view.

After bottomed out at 140 JKH is making a higher low. 10 MA cross above 20 MA while MACD give bullish crossover. JKH is being accumulated though the price remained unchanged.

3 major Elliot waves were finished. are we looking at new wave forming or a retraccement?

anyway, my reading says JKH should reach 185 before forming a new trend either down or up.

any thoughts?

JKH rejected at 158-160 region (pre-split 182). i exited at 158 with 14% gain for short term. looks like its trying to consolidate around 150 before the conversion. looking at past price actions, after warrant conversion we may see a drop in share price and settle at 140-144 level before its real run. there is a big resistance at 165 level and i believe JKH need more fuel to break 165, 170 and then show its true colors. JKH will be a share for 2017-2018.

xmart wrote:hi all, its 1st of Aug and lets look at the chart

the good news is ASI breaks the short term resistance trendline and ranging between 6380-6420. looking at the volume this is a healthy consolidation to the next level. the next resistance level would be near term high 6680-6700. which is 50% fib of the great fall. therefore, this resistance would be hard to break.

anyway, if ASI to stay in positive territory it should break the rectangle and move up. there are few options at that stage

option 1: follow by the rectangular consolidation (which is a reliable continuation pattern) ASI should go up. 6500 would be a challenge but there should not be much resistance. (ref date by 20/8/2016)

option 2: if PM gave a shock with his policy decisions market will react negatively and break the rectangle down, but panic selling would find buyers around 6350-6380 and start the journey to test 6680 level. (ref date by 27/8/2016)

option 3: PM gave a big shot with unexpected capital gain, unfavorable economic policy, another world turmoil would bring ASI to 6250. which is unlikely but cannot rued out.

therefore, shall we expect something exciting around end of august?

good luck

we have cleared for opt 01 and cleared 6500 and rejected at 6600 with month end and profit taking. i think it is most welcome pullback and much needed retracement to collect strength to break 6700, which recent high and will give a good fight to the bull. hey, its September and we can expect market to break its recent high and clear the path to 6850, 7000 marks in coming months. with the market everything may go up but only few will outperform the market.

lets look at the chart.

we may expect MT support to hold for now. 6680-6700 will provide some good fight for bull (0.5 fib) and it is essential ASI to break above 6700 to stay in bull trend. if rejected 6400, 6250 will provide some support, but highly unlikely with given market sentiment and September results. in a nutshell, i am expecting a super September.

I assume you are referring to Commodity Channel Index, am I correct? One question there, so there seems to be a lot of indicators available for tech traders, how would you select the most suited one?

Thanks for pointing out the doji patterns..

Good luck to you too.

axe,

sorry for delay in reply.

well, yes there are lot of indicators and one should not messing around with too many of them, which will spoil the soup and give the cook a real headache.

resistance, supports and price action are all based on crowd sentiment. there are some good indicators to back up your observations. one should play around and mater his eyes to see what really market is showing not what really you want to see. apart from RSI and MACD followings are useful and powerful indicators to help you to judge the market.